Are you a small business employer? If you pay premiums for health insurance coverage for your employees, you may be eligible for the Small Business Health Care Tax Credit. The credit is up to 35% of the qualified premiums you pay as an eligible small business. For some employers, an enhanced version of the credit will be effective beginning January 1, 2014. If you’re a small business, you’ll claim the credit as part of the general business credit on your income tax return. Also, since the credit will be less than the full amount of your premium payments, you may be eligible to claim a business expense deduction for the difference. That’s both a credit and a deduction for employee premium payments.
For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.